HP posts loss on writedown

HEWLETT-PACKARD (HP) last night announced a $8.9bn (£5.6bn) quarterly loss as personal computer sales continued to fall and it absorbed a $10.8bn writedown, mainly relating to the purchase of its EDS software business.

Net revenue fell by five per cent to $29.7bn, while income from the firm’s services division held up better than hardware sales.

The computer giant is in the process of a restructuring and says it remains on track to shed 11,500 staff by the end of the 2012 fiscal year.